^Returns are calculated after fees and using pre-distribution month end withdrawal unit prices, and assumes all income is reinvested in additional units. Past performance is not necessarily indicative of future performance. Returns may be volatile and may vary from year to year. Source: Fidante Partners Limited, State Street. Fund inception dates: Bentham Global Income Fund NZD - 30 September 2013, Bentham Syndicated Loan Fund NZD - 30 September 2013, Bentham Asset Backed Securities Fund - 31 October 2016, Bentham Global Opportunities Fund - 8 June 2017.

Distribution history (% of NAV*)

Bentham Global Income Fund

Financial Year

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

YTD

FY2019

0.33

0.33

0.32

0.33

0.33

0.34

0.33

0.34

2.65

FY2018

0.37

0.33

0.34

0.33

0.33

0.33

0.34

0.33

0.33

0.34

0.54

0.90

4.96

FY2017

0.37

0.37

0.37

0.37

0.37

0.37

0.38

0.37

0.37

0.37

0.37

0.36

4.88

FY2016

0.36

0.38

0.36

0.37

0.37

0.37

0.38

0.38

0.38

0.36

0.38

0.37

4.32

FY2015

0.44

0.43

0.44

0.44

0.44

0.42

0.44

0.44

0.43

0.43

0.43

0.77

5.58

FY2014

0.50

0.49

0.50

0.49

0.50

0.49

0.50

0.50

0.50

0.50

0.50

0.07

5.94

FY2013

0.68

0.64

0.64

0.64

0.64

0.62

0.65

0.62

0.61

0.61

0.62

1.05

9.09

FY2012

0.78

0.77

0.77

0.63

0.60

0.62

0.69

0.68

0.68

0.67

0.66

1.05

8.39

FY2011

0.64

0.63

0.64

0.65

0.64

0.64

0.64

0.82

0.80

0.79

0.80

1.08

9.87

FY2010

0.66

0.66

0.66

0.65

0.66

0.63

0.64

0.62

0.61

0.61

0.62

0.62

9.81

FY2009

0.64

0.66

0.84

0.58

0.48

0.36

0.37

0.32

0.26

0.28

0.26

0.28

4.52

FY2008

0.52

0.50

0.54

0.58

0.57

0.57

0.59

0.59

0.60

0.66

0.67

4.45

10.13

FY2007

0.50

0.48

0.50

0.50

0.50

0.50

0.54

0.54

0.46

0.53

0.53

0.62

6.34

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Services Limited.

Bentham Syndicated Loan Fund

Financial Year

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

YTD

FY2019

0.41

0.41

0.40

0.41

0.40

0.41

0.42

0.41

3.27

FY2018

0.45

0.41

0.40

0.41

0.40

0.41

0.42

0.42

0.42

0.42

0.43

0.45

5.16

FY2017

0.45

0.47

0.44

0.45

0.45

0.45

0.44

0.45

0.45

0.44

0.45

0.45

5.79

FY2016

0.40

0.40

0.40

0.40

0.40

0.40

0.40

0.40

0.41

0.39

0.39

0.29

4.65

FY2015

0.47

0.48

0.47

0.47

0.47

0.49

0.48

0.45

0.43

0.44

0.43

1.33

6.53

FY2014

0.54

0.53

0.52

0.52

0.52

0.52

0.53

0.52

0.52

0.53

0.54

2.31

8.47

FY2013

0.64

0.70

0.67

0.66

0.66

0.64

0.63

0.56

0.61

0.62

0.61

0.59

8.17

FY2012

1.01

0.97

1.00

0.72

0.69

0.68

0.72

0.71

0.71

0.68

0.63

1.92

10.61

FY2011

0.74

0.73

0.74

0.74

0.75

0.75

0.74

0.92

0.92

0.92

0.92

4.15

14.12

FY2010

0.62

0.62

0.63

0.65

0.67

0.70

0.70

0.69

0.68

0.68

0.72

1.24

10.09

FY2009

0.65

0.66

0.65

0.56

0.46

0.36

0.38

0.32

0.26

0.29

0.27

0.28

4.85

FY2008

0.49

0.50

0.54

0.58

0.57

0.58

0.59

0.59

0.59

0.64

0.66

5.26

11.17

FY2007

0.50

0.48

0.50

0.50

0.50

0.50

0.54

0.54

0.52

0.47

0.54

1.33

7.31

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributons. Source: Fidante Partners Services Limited.

Bentham High Yield Fund

Financial Year

Sep

Dec

Mar

Jun

YTD

FY2019

1.36

1.40

0.00

0.00

2.71

FY2018

1.25

1.24

1.25

4.22

7.90

FY2017

1.20

1.21

1.15

1.03

5.11

FY2016

1.22

1.24

1.29

2.43

6.14

FY2015

1.76

1.62

0.00

3.10

6.67

FY2014

2.43

2.91

2.41

1.94

10.43

FY2013

1.53

2.32

2.57

3.07

10.37

FY2012

2.77

0.78

3.20

4.38

11.82

FY2011

0.96

4.26

2.64

6.69

16.39

FY2010

0.24

0.00

1.72

5.87

9.65

FY2009

1.96

0.00

0.00

1.95

3.64

FY2008

0.85

1.16

0.41

14.34

16.91

FY2007

1.40

0.99

1.10

1.63

5.54

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Services Limited.

Bentham Asset Backed Securities Fund

Financial Year

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

YTD

FY2019

0.31

0.30

0.30

0.30

0.30

0.30

0.32

0.31

2.44

FY2018

0.28

0.29

0.29

0.28

0.28

0.29

0.29

0.29

0.29

0.30

0.31

0.14

3.38

FY2017

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.29

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Services Limited.

Bentham Global Opportunities Fund

Financial Year

Sep

Dec

Mar

Jun

YTD

FY2019

1.12

1.12

0.00

0.00

2.23

FY2018

0.30

0.55

0.49

0.98

2.41

FY2017

0.15

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Services Limited.

Bentham Global Income Fund - NZD

Financial Year

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

YTD

FY2019

0.37

0.37

0.37

0.37

0.38

0.37

0.37

0.38

2.98

FY2018

0.41

0.37

0.38

0.37

0.38

0.37

0.37

0.37

0.38

0.38

0.38

0.37

4.67

FY2017

0.42

0.41

0.41

0.42

0.41

0.42

0.40

0.42

0.41

0.41

0.41

2.39

7.56

FY2016

0.46

0.45

0.46

0.46

0.46

0.46

0.46

0.46

0.47

0.45

0.46

0.48

5.38

FY2015

0.52

0.51

0.53

0.52

0.48

0.52

0.51

0.53

0.52

0.52

0.52

0.43

6.20

FY2014

0.49

0.47

0.44

0.47

0.47

0.46

0.47

0.48

1.16

5.22

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Limited. The inception of the fund is 30 September 2013

Bentham Syndicated Loan Fund - NZD

Financial Year

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

YTD

FY2019

0.41

0.40

0.41

0.40

0.40

0.41

0.41

0.40

3.22

FY2018

0.46

0.41

0.42

0.43

0.42

0.42

0.42

0.42

0.42

0.42

0.43

0.42

5.21

FY2017

0.51

0.50

0.49

0.50

0.48

0.41

0.46

0.47

0.45

0.47

0.46

2.91

8.63

FY2016

0.51

0.48

0.47

0.48

0.48

0.46

0.46

0.43

0.45

0.43

0.42

1.14

6.14

FY2015

0.54

0.55

0.54

0.54

0.57

0.55

0.55

0.54

0.53

0.55

0.56

0.00

6.19

FY2014

0.51

0.51

0.51

0.51

0.51

0.51

0.52

0.52

5.62

10.04

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Limited. The inception of the fund is 30 September 2013

Ratings & Awards

Partners

The information contained in this presentation is current as at the date of this presentation unless otherwise specified and is provided by Bentham Asset Management ABN 92 140 833 674 AFSL 356199 (‘Bentham’).